The Institute of Internal Auditors (IIA) recently released nine new and updated practice advisories that provide guidance to internal auditors and chief audit executives on managing an effective quality assurance and improvement program.
The advisories focus on parts of the IIA’s International Standards for the Professional Practice of Internal Auditing that deal with establishing, maintaining, and reporting on a quality assurance and improvement program. These mandatory programs are intended to build confidence in internal audit’s work performed in accordance with the standards, according to the IIA.
The changes to the updated advisories are designed to provide enhanced recommended guidance to chief audit executives – whether relating to the results of internal and external assurance reviews, or disclosing nonconformance with the standards.
The nine practice advisories are:
Quality Assurance and Improvement Program
External Assessments: Self Assessment with Independent Validation
Independence of External Assessment Team in the Private Sector
Independence of the External Assessment Team in the Public Sector
Reporting Results of the Quality Assurance and Improvement Program
Use of “Conforms with the International Standards for the Professional Practice of Internal Auditing”
Disclosure of Nonconformance with the International Standards for the Professional Practice of Internal Auditing
IIA members can access all of the institute’s practice advisories here.